Gold and Silver tumbled, along with other commodities, and the stock market, as the dollar rallied.
New all time highs: ABV, ED, KMP, PETM
Pops & Drops: RIMM dropped again!
New Unemployment Claims were down again, coming in at 366,000 (chart)
This week, two banks were shut down by the FDIC (list)
Next week: Economic reports
ORCL and NKE report earnings.
Hurray! It's the last week of 2011.
| Market Commentary |
No Santa Claus rally -so far anyway. The market bounced off resistance and turned down again this week. Again it's hard to tell where it's headed next, with Europe driving most of the action. Maybe now is a good time to take a holiday break -Happy Holidays to all!
(for the die hard traders, we could see more downside action as the other indices fall back to the Nov 30th pre-rally levels (e.g 120 on the SPY) -The Nasdaq 100 is basically there already).
This week's charts:
Chart of the Day -Interest rates
SNE -Sony, 25 years -no change!
Commodities (charts):
Oil prices dropped, closing just under $94
Natural Gas dropped, closing near $3.12
Gold tanked! ...closing near $1600
The 30 year Bond futures rallied, closing near $145.32
The US Dollar rallied, closing near 80.20
NEWS:
Early rally fades; stock market down for the week
U.S. stocks expected to yield to Europe
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